development2

Tricon Residential Breaks Ground on Bacara Single-Family Rental Property in Wildomar, California

by Amy Works November 22, 2021

WILDOMAR, CALIF. — Tricon Residential, Foremost Pacific Group and Woodbridge Pacific Group Cos. has broken ground on Bacara, a townhome single-family rental community in Wildomar. Located at 24808 Preilipp Road, Bacara will feature 170 rental townhomes with one-, two- and three-bedroom options with solar power, attached one- or two-car garages, keyless front-door entry and forecourt patios. Community amenities will include a dog park, lap pool and spa, gym and community center. Completion is slated for late 2022. Tricon Residential will operate Bacara upon completion. Foremost Pacific Group is serving as project developer and Woodbridge Pacific Group Cos. is serving as project contractor.

November 22, 2021

Development Industrial New York Northeast Self-Storage

StorQuest Opens 84,000 SF Self-Storage Facility in Brooklyn’s Red Hook Neighborhood

by Taylor Williams November 22, 2021

NEW YORK CITY — Developer and operator StorQuest Self Storage has opened a new facility at 155 King St. in the Red Hook neighborhood of Brooklyn. The number of units was not disclosed, but the five-story property spans approximately 84,000 net rentable square feet. Construction began in mid-2020. The property is StorQuest’s second in Brooklyn and 10th in the state of New York.

November 22, 2021

Acquisitions Development Hawaii Industrial Self-Storage Western

DXD Capital, InSite Property Group Purchase Land Site in Oahu for 853-Unit Self-Storage Facility

by Amy Works November 22, 2021

KAPOLEI, HAWAII — A joint venture between DXD Capital, a self-storage investor and developer, and InSite Property Group has acquired a 2.3-acre land site in Kapolei Business Park on Kalaeloa Boulevard in Kapolei. InSite will develop and operate an 853-unit self-storage facility on the property for the partnership under its SecureSpace brand. Construction of the self-storage facility is slated to begin in August 2022, with completion scheduled for September 2023. The property was acquired through DXD Self Storage Fund I, which DXD launched in November 2020. The $50 million fund will be used to primarily invest in ground-up development of Class A, multi-story, climate-controlled self-storage facilities across the United States.

November 22, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Monarch Begins Construction on 165-Unit Seniors Housing Community in Weymouth, Massachusetts

by Taylor Williams November 19, 2021

WEYMOUTH, MASS. — Monarch Communities has begun construction of Monarch Senior Residence, a 165-unit seniors housing community located in the South Shore city of Weymouth. The community will feature 91 independent living units, 48 assisted living residences and 26 memory care apartments. PROCON, an architectural and construction management firm based in Hooksett, New Hampshire, is the design-build contractor partner for the project. The opening is currently scheduled for summer 2023.

November 19, 2021

Development Industrial Iowa Midwest

VanTrust to Develop 496,800 SF Spec Warehouse in Altoona, Iowa

by Kristin Harlow November 19, 2021

ALTOONA, IOWA — VanTrust Real Estate is developing a 496,800-square-foot speculative warehouse at Altus Commerce Center in Altoona. The facility is the largest speculative industrial project to be built in Iowa, according to JLL, which is marketing the development for lease. Completion is slated for January 2023. The building will feature a clear height of 36 feet as well as parking for up to 330 cars and 47 trailers. Marcus Pitts, Austin Hedstrom and Tanner Hedstrom of JLL are marketing both this building and VanTrust’s first building at Altus Commerce Center. The first building will span 265,200 square feet and is slated for completion in summer 2022.

November 19, 2021

Arizona Development Industrial Western

GID, SunCap Start Construction on Three Spec Industrial Buildings at Gilbert Spectrum in Arizona

by Amy Works November 19, 2021

GILBERT, ARIZ. — GID and SunCap Properties, along with Graycor Construction Co., have broken ground for the development of three speculative industrial buildings, totaling 309,547 square feet, at Gilbert Spectrum, a 64-acre industrial park in Gilbert. The buildings will range in size from 66,446 square feet to 142,200 square feet, with divisibility to 20,000 square feet. Totaling 100,000 square feet, Building 9 will feature 32-foot clear heights and a mix of 38 dock-high and drive-in doors. The 142,200-square-foot Building 10 will offer 32-foot clear heights and a mix of 50 dock-high and drive-in doors. Totaling 66,400 square feet, Building 11 will feature 28-foot clear heights and a mix of 25 dock-high and drive-in doors. The three buildings will share a 190-foot loading court and each building will feature generous power and ESFR sprinklers. Completion is slated for May 2022. Graycor serves as the design-build general contractor and Balmer Architectural Group is the project architect. Ken McQueen and Chris McClurg of Lee & Associates Arizona are the project’s leasing brokers.

November 19, 2021

Affordable Housing Development Midwest Multifamily Ohio

NRP Group Breaks Ground on 180-Unit Affordable Housing Community in Columbus

by Kristin Harlow November 18, 2021

COLUMBUS, OHIO — The NRP Group has broken ground on Sinclair Apartments, a 180-unit affordable housing community in Columbus. In partnership with the City of Columbus Housing Division, the transit-oriented development will be developed with tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank. Located at 5055 Sinclair Ave., the property will be reserved for Columbus-area residents who earn between 30 and 70 percent of the area median income. The three-building complex will replace Alrosa Villa, a live music venue that closed in 2020. Completion of the project is slated for 2023.

November 18, 2021

Acquisitions Industrial Kansas Midwest

Stan Johnson Co. Brokers $16.4M Sale of FedEx-Occupied Facility in Topeka, Kansas

by Kristin Harlow November 17, 2021

TOPEKA, KAN. — Stan Johnson Co. has brokered the sale of a FedEx-occupied distribution center spanning 26,892 square feet in Topeka for $16.4 million. The property is located at 5116 SW Wenger St. Built in 2015, the facility features 36 docks and ample trailer parking. Erik Lundberg of Stan Johnson represented the seller, a New Jersey-based investor group that acquired the property less than a year ago. A Wisconsin-based investor completing a 1031 tax-deferred exchange was the buyer. The sales price represents a cap rate of 5 percent.

November 17, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 554-Unit Self-Storage Facility in Metro Houston

by Taylor Williams November 16, 2021

BAYTOWN, TEXAS — Marcus & Millichap has arranged the sale of Main Plaza Storage, a 554-unit self-storage facility located in the eastern Houston suburb of Baytown. The property spans 66,500 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Knobler also procured the New York-based buyer, which plans to implement a value-add program. Both parties requested anonymity.

November 16, 2021

California Development Multifamily Seniors Housing Western

Sundt Completes 70-Unit Seniors Housing Community in Fairfield, California

by Amy Works November 16, 2021

FAIRFIELD, CALIF. — Sundt Construction Inc. has completed construction of The Ridge at Paradise Valley Estates, an eight-acre life plan community in the Bay Area city of Fairfield. The Ridge features a mix of 70 cottages and villas. The private cottages have two bedrooms and attached garages, and the villas feature either one bedroom or two bedrooms with under-building parking. In addition to the amenities of the larger Paradise Valley Estates 76-acre community, residents can access The Ridge’s dining facility and outdoor amenities such as a learning center and outdoor café.

November 16, 2021

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